Jack Henry Partners with Victor Technologies to Boost Real-Time Payment Capabilities

https://finovate.com/jack-henry-partners-with-victor-technologies-to-boost-real-time-payment-capabilities/
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  • Jack Henry & Associates announced a partnership with Victor Technologies.
  • The partnership will help Victor Technologies move forward with its instant payments strategy.
  • Jack Henry & Associates serves more than 8,000 customers in the U.S. via its Jack Henry Banking, Symitar, and ProfitStars brands.

Financial services provider Jack Henry & Associates has partnered with Victor Technologies to help advance its instant payments strategy. A subsidiary of MVB Edge Ventures and part of MVB Bank, Victor Technologies leverages both its integrated risk management technology as well as APIs to enable fintechs to embed financial services. The company has added real-time payments (RTP) capabilities via Jack Henry’s JHA PayCenter, which will enable MVB Bank’s Jack Henry core to send and receive real-time payments.

“Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients,” Victor Head of Strategy and Operations said. “The features of the RTP network provide payment finality and certainty, which reduces back-office reconciliation because transactions are now settled in real-time. This is especially true for key growth verticals like gaming and crypto where transactions need to be processed at any time regardless of banking hours. The addition of real-time payments gives end-users quicker access to their money.”

MVB Bank is the first Jack Henry client to go live using the company’s RTP Send functionality, and the bank intends to offer RTP Request for Payment services, as well. The ability to offer both solutions will make it easier for Victor Technologies to provide its customers with the kind of faster payment needs their businesses require.

A Finovate alum since 2010, Jack Henry & Associates serves 8,000 clients around the country via its three signature brands: Jack Henry Banking, Symitar, and ProfitStars. The company leverages these brands to deliver innovative solutions to community and regional banks, credit unions, as well as corporate entities and large-scale financial institutions. Founded in 1976 and headquartered in Monett, Missouri, Jack Henry & Associates’ partnership announcement with Victor Technologies comes just one month after Jack Henry announced that more than 250 financial institutions have taken advantage of its JHA PayCenter – and its connections to both The Clearing House RTP network and the Zelle Network – to execute their faster payment strategies.

“We strategically built JHA PayCenter to support the diverse faster payments strategies of Jack Henry clients, financial institutions using third-party core and digital platforms, as well as other fintechs,” Jack Henry & Associates VP of Payment Solutions Tede Forman said. “The payments hub virtually eliminates the inherent technology and staffing challenges experienced by financial institutions that elect to build and maintain direct connections to one or multiple faster payments networks.”


Photo by Fabrizio Verrecchia

https://finovate.com/jack-henry-partners-with-victor-technologies-to-boost-real-time-payment-capabilities/